In the event you turned a newly minted millionaire, the place would you migrate to? Because of inertia, I guess most of you’ll keep proper the place you might be. Numerous us are afraid of change, which is why we keep at jobs we hate and endure via damaged marriages for too lengthy.
However how about being extra adventurous as a substitute and relocating to a different nation. In any case, you’ve got received more cash than 94% of the American inhabitants and 99% of the world. Reside a bit!
Relying on the place you’ll transfer to when you change into a millionaire is dependent upon the place you at present dwell, how joyful you at present are, and what stage of life you are in. Let me share the place I’d have moved to in my youthful days. Then we’ll get to the large information.
Millionaire Migration In My 30s
If I might rewind time to 2012, once I left my job and did not have youngsters but, I’d have spent a yr dwelling in Malaysia for a yr after which China for a yr. I had a blast dwelling in Kuala Lumpur throughout center faculty, and at all times fantasized what life can be like if I really had some spending cash. The individuals are nice and the meals is arms down, prime 3 on the planet in my guide.
In the meantime, I first visited China in 1997 as a university junior finding out overseas for six months. It was extraordinarily evident again then that the nation was going via an financial increase. However once I received a job provide to work and assist handle an eyeglass components manufacturing firm in Shenzhen in 1999, I chickened out for the safer route of a Wall Road job.
By returning to China, I’d fulfill my uncertainty of not going as a 22 yr outdated and enhance my Mandarin. Then I’d try and do one thing entrepreneurial so I will not look again on life with remorse for not making an attempt. With tens of millions of {dollars} in investments, I’d be at liberty to experiment with new concepts. I am certain I might simply make pals, partly by being a gregarious newcomer.
Millionaire Migration In My Late 40s
In the present day, if you happen to have been to tempt me to maneuver away from vibrant San Francisco with $10 million, I’d clearly transfer to Oahu. I have been to most states in America and over 60 international locations thus far, and Hawaii offers one of many best qualities of life.
As a bonus, you would possibly even get to dwell longer, with Hawaii as the very best life expectancy state at 79.9 years in line with the CDC. As soon as you’ve got received the monetary lottery, your well being can not take a again seat. Your aim must be to dwell as lengthy and wholesome of a life as attainable to get pleasure from your wealth for longer.
Sadly, my starvation for journey and exploration has waned. For all you youthful people on the market, make the most of your motivation whilst you’ve nonetheless received it. Finally, you will not need to dwell in youth hostels and backpack world wide.
In the present day, I principally need to dwell in an space with year-round sunshine and comfy climate. I really like being open air and shifting my physique in some capability day-after-day. Additional, I need to be there for my dad and mom, who’re of their late 70s.
The place Millionaires Are Transferring Round The World
Based mostly on The 2025 Henley Personal Migration Report, extra millionaires are migrating than ever. The UAE is attracting essentially the most millionaires, adopted by USA, Italy, Switzerland, and Saudi Arabia.
Conversely, the UK is shedding essentially the most millionaires, adopted by China, India, South Korea, and Russia.
What is going on on right here? The reply is a nation’s tax coverage. Given millionaires earn essentially the most and have essentially the most belongings, in addition they are likely to face the very best tax charges. Due to this fact, one of many best methods to reduce taxes is to relocate to a rustic with decrease taxes, and ideally, a better high quality of life.
UAE Is Drawing Millionaires In, Whereas the U.Okay. Pushes Them Out
In the event you’re a high-net-worth particular person trying to optimize for taxes and way of life, it’s straightforward to see why the UAE is likely one of the prime locations. With zero revenue tax, long-term golden visas, and a luxurious way of life in a strategic international location, the UAE has change into a magnet for migrating millionaires.
To date, most millionaire migrants to the UAE have come from India, Russia, Africa, and the broader Center East. However extra Brits and Europeans are anticipated to comply with as tax insurance policies in locations just like the U.Okay. change into more and more unfavorable.
The U.Okay., specifically, is shedding attraction quick. The federal government is phasing out the long-standing “non-dom” standing, which used to protect overseas residents from paying taxes on abroad revenue. That change alone will possible drive many rich residents to contemplate relocating.
Add in Labour Occasion plans to slap a 20% VAT on personal faculty tuition, and also you’ve received another excuse for prosperous households to look elsewhere. When the federal government retains elevating the price of staying, it’s solely pure to discover what life would possibly appear like someplace extra welcoming.
Laborious To Save On Taxes By Migrating As An American
In the event you’re a rich American fascinated about shifting overseas to decrease your tax invoice, right here’s the truth: the IRS doesn’t care the place you reside. As long as you maintain a U.S. passport, you owe taxes in your worldwide revenue, no matter your bodily location.
This makes America one in all just a few international locations on the planet with citizenship-based taxation. In different phrases, even if you happen to transfer to a tax haven, the U.S. nonetheless needs a bit of your monetary pie.
That mentioned, there are methods to scale back your tax legal responsibility—however not remove it.
Overseas Earned Earnings Exclusion (FEIE)
For 2025, the Overseas Earned Earnings Exclusion permits you to exclude as much as $130,000 in earned revenue if you happen to qualify by way of the bodily presence take a look at (330 full days overseas in a 12-month window) or the bona fide residence take a look at. In the event you’re married and each of you qualify, that’s probably $260,000 of revenue shielded from federal revenue tax.
However remember, this exclusion solely applies to earned revenue—your W-2 wages or freelance/contractor revenue. It doesn’t apply to funding revenue, rental revenue, dividends, or capital good points. So in case your wealth is essentially passive, the FEIE received’t assist a lot.
Overseas Tax Credit score (FTC)
In the event you’re dwelling in a higher-tax nation, the Overseas Tax Credit score helps you to offset U.S. tax legal responsibility dollar-for-dollar primarily based on the revenue taxes you pay overseas. This may be particularly helpful for these incomes important passive revenue.
Nevertheless, you may’t double-dip. In the event you exclude revenue utilizing FEIE, you may’t additionally declare the FTC on that very same revenue. And whereas the FTC can scale back your tax invoice considerably, it not often brings it to zero—particularly if you happen to’re dwelling in a low-tax jurisdiction.
State Taxes Nonetheless Lurking
Some states, like California, don’t surrender simply. They may hunt you down just like the Predator does in one in all my favourite motion pictures. Until you fully sever ties—no property, no driver’s license, no voter registration—they might nonetheless argue you owe state revenue taxes too. It’s an excellent reminder that simply since you transfer does not imply the state lets go.
Need True American Tax Freedom? Surrender Citizenship
If you wish to fully reduce ties with the IRS, there’s just one method: surrender your U.S. citizenship.
However earlier than you go reserving a one-way ticket to St. Kitts, know that this transfer comes with penalties. In case your web price exceeds $2 million or your common revenue over the previous 5 years is above a sure threshold (~$200,000+), it’s possible you’ll owe an exit tax. This tax treats all of your belongings as in the event that they have been bought the day earlier than you surrender—triggering potential capital good points taxes on unrealized good points.
You’ll even be giving up the correct to dwell and work freely within the U.S., face limitations on banking and journey, and lose entry to sure authorized protections. And when you surrender, there’s no going again.
For most individuals, particularly these with deep roots or enterprise pursuits within the U.S., renunciation is a nuclear choice—not a intelligent tax optimization transfer. It is a lot simpler to relocate to one of many no state revenue tax states as a substitute.
Associated: How You may Really feel Reaching Numerous Millionaire Milestones: $1 – $20 Million
Reside within the Finest Place Cash Can Purchase
Every time we moved, I used to be unhappy to go away pals behind, but it surely was additionally thrilling to see new components of the world. That type of publicity provides you perspective. You begin to recognize the place you reside—and extra importantly, you begin to perceive what’s attainable elsewhere.
Sadly, even if you happen to work remotely and have tens of millions in investments, likelihood is you received’t really transfer to a brand new nation for a greater life. It’s exhausting to go away behind the consolation of the acquainted—your routines, your mates, your group. In case you have younger youngsters, it turns into even more durable since you do not need to disrupt their sense of stability.
Give it some thought. No rational multi-millionaire would voluntarily spend winter in frigid Winnipeg, Canada or Duluth, Minnesota once they may very well be having fun with life in Honolulu, Hawaii. And but, loads of millionaires keep put. Why? As a result of they’ve constructed deep roots of their communities. That connection outweighs local weather and even tax financial savings.
While you’re youthful and nonetheless constructing wealth, go wherever one of the best alternatives are. However when you obtain monetary freedom, don’t neglect to improve your atmosphere. Reside in one of the best place cash should purchase—not only for consolation, however for high quality of life.
Readers, if you happen to have been to inherit $1 million or $10 million, the place would you progress—and why? In the event you’re at present dwelling within the UAE or the U.Okay., I’d love to listen to what your way of life and tax expertise has been like. Would you advocate it to others searching for monetary freedom or a greater high quality of life?
Reevaluate Your Portfolio Earlier than You Relocate
In the event you’re fascinated about shifting for a greater life—or simply sitting on a big money windfall—it’s price getting a second opinion in your funds. One good transfer is to make the most of a free monetary check-up from Empower.
In case you have $100,000 or extra throughout taxable accounts, IRAs, financial savings, or a 401(okay), an Empower advisor can assist you uncover hidden charges, spot unbalanced allocations, and determine methods to enhance your risk-adjusted returns. It’s a no-obligation solution to stress-test your technique—particularly if you happen to’re contemplating a dumbbell portfolio or shifting extra belongings internationally.
Earlier than you migrate your life or your cash, make certain your portfolio is working as exhausting as you might be.
This assertion is supplied to you by Monetary Samurai (“Promoter”), who has entered right into a written referral settlement with Empower Advisory Group, LLC (“EAG”). Click on right here to be taught extra.
Your Roadmap to Wealth—No Matter The place You Reside
Desirous about migrating for a greater way of life, decrease taxes, or extra freedom? Earlier than you progress, make certain your funds are on strong floor.
In my USA TODAY nationwide bestseller, Millionaire Milestones: Easy Steps to Seven Figures, I break down the sensible, step-by-step methods I used to construct wealth from scratch. Whether or not you are still grinding towards your first $100K otherwise you’re strategizing round multi-million-dollar selections like geographic arbitrage and tax effectivity, the guide affords a transparent path ahead.
Cash provides you choices. And after getting choices, you may dwell the place—and the way—you really need.
Seize your copy at present and begin making strikes with confidence.
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